(Corrects Weber's job title as chairman, not Asia-Pacific chief
SHANGHAI Jan 16 UBS AG launched its
locally-incorporated unit in China on Wednesday, allowing it to
conduct yuan businesses in key areas such as wealth management.
Around 40 foreign banks, including JPMorgan Chase & Co
, Morgan Stanley and HSBC, have already
set up China units and some have been injecting additional
capital into them given the expansion in the world's second
biggest economy. For a FACTBOX, see.
"China represents one of the most important markets in the
world for UBS. We are committed to expanding our presence here
and broadening our products and services to meet the needs of
clients", Axel Weber, the chairman of UBS, said in a statement.
"It is UBS's plan to be one of the leading wealth management
providers in China and the subsidiary bank is critical to
realize this goal", the statement added.
UBS operates brokerage and mutual fund joint ventures with
local partners, as well as a private equity unit.
JPMorgan said last May it injected 2.5 billion yuan ($394.08
million) into its China unit. HSBC added 2.8 billion yuan into
its China operation in 2011, even as it laid off several hundred
investment bankers in London, Hong Kong and elsewhere as part of
a jobs cull to save billions of dollars.
(Reporting by Kazunori Takada; Editing by Daniel Magnowski)